When Brits voted for independence from the European Union, the predictions of doom poured in. This was economic suicide, they said.
Immediately, the United Kingdom stock market fell, confirming the predictions. Then the U.K. stock market rebounded, making up all those losses. Observers correctly pointed out that the stock market was up, but the British pound had fallen so much relative to other currencies that the stock market was really down.
Within a month, I pointed out that one measure of the U.K. stock market — the FTSE 100 — was up for the month, even priced in dollars. The problem with that measure is that the FTSE 100 is an index that is heavy on exporters, who benefit from the falling currency.
So today, amid all the headlines about British exporters having a great day, I checked a broader measure: the FTSE 250.
Six months ago today, the FTSE 250 closed at 16,229.20, while the pound was worth $1.4017. As of 1 pm Greenwich time Tuesday, the FTSE 250 is at 17,978.68, while the pound is worth $1.32.
Convert the FTSE 250 to dollars, and it's up almost 1000 points, or 4 percent from six months ago.
Timothy P. Carney, The Washington Examiner's senior political columnist, can be contacted at tcarney@washingtonexaminer.com. His column appears Tuesday and Thursday nights on washingtonexaminer.com.